Bitcoin ETF Approval Getting Closer, Say Analysts
Bloomberg analysts James Seyffart and Eric Balchunas report that communication between fund managers and the Securities and Exchange Commission regarding spot bitcoin ETFs is becoming more constructive.
Ark and 21SHares have updated their spot bitcoin ETF prospectus, adding five pages of new text, indicating a constructive conversation with the SEC. This step typically occurs when a fund is on its way to being approved. Dialog between Grayscale and the SEC is expected to open up following the US regulator’s decision not to appeal a high-profile ruling involving Grayscale Investments.
The move could have broad implications for future SEC spot bitcoin ETF decisions. Sayffart said more information will be provided next week, and the regulator still has the option to file an appeal with the U.S. Supreme Court, though he said this is unlikely to happen.
Bitcoin’s response to the SEC’s decision to forego an appeal was largely muted, contrasting with the 7% rally following the late August court ruling favoring Grayscale.
(With inputs from Shikha Singh)
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